Inland Marine insurance covers a wide variety of movable property, equipment, construction materials, transportation risks, installation projects, and specialized business assets. Unlike traditional property insurance, Inland Marine products require highly flexible rating models that can accommodate diverse industries, equipment schedules, values, geographic exposures, and specialized underwriting rules. SelectRate enables insurance carriers, Managing General Agents (MGAs), wholesalers, program administrators, and specialty insurers to configure, rate, test, govern, and deploy Inland Marine insurance products from one centralized commercial insurance rating platform. Whether you're writing Contractors Equipment, Installation Floaters, Equipment Floaters, Transportation, or specialized Inland Marine programs, SelectRate provides enterprise-grade flexibility and scalability.
What Is Inland Marine Rating?
Inland Marine Rating calculates insurance premiums for movable property and specialized commercial assets using configurable exposure characteristics, valuation methods, underwriting rules, carrier pricing, and policy options.
Premium calculations commonly evaluate:
- Equipment Value
- Property Type
- Coverage Type
- Geographic Territory
- Construction Activity
- Transportation Exposure
- Equipment Age
- Security Controls
- Coverage Limits
- Deductibles
Every exposure characteristic contributes to the final premium.
Built for Inland Marine Insurance
SelectRate supports virtually every Inland Marine insurance product.
Each product maintains independent pricing while sharing one enterprise platform.
Equipment Management
Configure scheduled equipment without software development.
Manage:
- Equipment Description
- Serial Number
- Equipment Type
- Manufacturer
- Model
- Year
- Replacement Value
- Actual Cash Value
- Location
- Usage
Equipment schedules automatically drive premium calculations.
Property Valuation
Support multiple valuation methodologies.
Configure:
- Replacement Cost
- Actual Cash Value
- Agreed Value
- Stated Value
- Market Value
Each scheduled item can use its own valuation method.
Scheduled Property Rating
Rate scheduled equipment individually or in groups.
Supports:
- Individual Items
- Blanket Coverage
- Scheduled Equipment
- Category Rating
- Mixed Schedules
Organizations can support virtually any Inland Marine program structure.
Coverage Configuration
Configure Inland Marine coverages.
Supports:
- Contractors Equipment
- Installation Floater
- Equipment Floater
- Property in Transit
- Temporary Storage
- Leased Equipment
- Borrowed Equipment
- Rental Equipment
- Employee Tools
- Miscellaneous Property
Each coverage maintains independent rating logic.
Underwriting Automation
Inland Marine underwriting rules are fully configurable.
Evaluate:
- Equipment Type
- Equipment Age
- Project Type
- Theft Exposure
- Transportation Exposure
- Geographic Risk
- Refer to Company
- Judgment Rates
Underwriting decisions are automatically evaluated during rating.
Premium Calculation
SelectRate performs complete Inland Marine premium calculations.
Evaluate:
- Equipment Values
- Coverage Limits
- Deductibles
- Geographic Exposure
- Carrier Pricing
- Underwriting Adjustments
- Taxes
- Fees
- Final Premium
Every calculation is fully transparent through Rating Worksheets and Rating Trace.
Forms and Endorsements
Automatically assign Inland Marine documentation.
Supports:
- Inland Marine Forms
- Equipment Schedules
- Installation Floater Forms
- Carrier Forms
- State Forms
- Endorsements
Documentation remains synchronized with every product version. Learn more about Endorsement Management
Automated Testing
Every Inland Marine product should be validated before deployment.
Test:
- Premium Calculations
- Equipment Scenarios
- Formula Changes
- Carrier Pricing
- Underwriting Rules
- API Responses
Automated testing reduces production risk while improving pricing confidence.
API Integration
Expose Inland Marine rating through secure REST APIs.
Integrate with:
- Agency Management Systems
- Policy Administration Systems
- Broker Portals
- Customer Portals
- Contractor Portals
- Third Party Platforms
Every application uses the same centralized Inland Marine rating engine.
Geographic Rating
Inland Marine pricing often depends on location and mobility.
Evaluate:
- Primary Location
- Operating Territory
- Transportation Radius
- State
- ZIP Code
- Catastrophe Exposure
- Theft Exposure
- Weather Exposure
Geographic variables automatically influence pricing. Learn more about Territory Management
Carrier Pricing
Every carrier maintains unique Inland Marine pricing.
Configure:
- Carrier Multipliers
- Equipment Factors
- Coverage Factors
- Territory Factors
- Schedule Rating
- Deductible Credits
- Discounts
- Surcharges
Carrier pricing remains independent from core product configuration. Learn more about Carrier Rate Multipliers, Carrier Rating Overrides
Effective Date Management
Inland Marine products evolve continuously.
Manage:
- Historical Products
- Current Products
- Future Products
- Carrier Updates
- Product Revisions
- Renewal Versions
Organizations prepare future releases without affecting production. Learn more about Effective Date Management
Enterprise Governance
Every Inland Marine product change is fully documented.
Track:
- Product Versions
- Pricing Changes
- Formula Changes
- User Activity
- Approval History
- Deployment History
- Audit History
Organizations maintain complete governance across every Inland Marine product.
Benefits of SelectRate for Inland Marine Rating
Insurance organizations modernize Inland Marine rating to improve operational efficiency.
Benefits include:
- Faster Equipment Quotes
- Accurate Scheduled Property Rating
- Flexible Coverage Configuration
- Better Underwriting Consistency
- Enterprise Governance
- Automated Testing
- Modern API Integration
- Complete Audit History
- Simplified Product Management
- Reduced Operational Risk
Frequently Asked Questions
Modernize Inland Marine Rating
Configure equipment schedules, automate underwriting, simplify pricing, and deploy specialty Inland Marine insurance products faster with SelectRate.